Mobile applications that facilitate electronic transfers of funds have limited capabilities. Transferring funds between accounts requires accessing and transmitting substantial sensitive customer information from customers, including information about the receiving account. Using these existing systems, customers need to manually provide customer information to complete the transfer. Not only is this burdensome and time-consuming for customers, but it also leads to the possibility of a failed transfer due to the entering of incorrect customer information, which is a likely occurrence when such information is entered manually. Such transfers can also require significant action on the recipient end, such as the registration for the receipt of funds
Additionally, these methods for transferring funds electronically pose great security concerns when accessing and transmitting sensitive account information, which may compromise the sensitive data. Current malware and phishing attacks can acquire this sensitive account information utilized to transfer funds electronically.
These and other drawbacks exist.